Home  »  Company  »  Veritas (India) Ltd.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Veritas (India) Ltd. Company

Mar 31, 2018

1 Significant Accounting Polices

1.1 Compliance with Ind AS

The Company''s financial statements have been prepared in accordance with the provisions of the Companies-Act, 2013 and the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as These financial statements indude the balance sheet, the statement of profit and loss, the statement of changes in equity and the statement of cash flows and notes, comprising a summary of significant accounting policies and other explanatory information-arid comparative information in respect of the preceding period.

Up to the year ended March 31, 2017, the Company prepared its financial statements In accordance with the requirements of generally accepted accounting principles (GAAP) in compliance with Accounting Standards as specified in the Companies (Accounting Standards) Rules, 2006 read with Rule 7(1) of the Companies (Accounts) Rules, 2014 issued by the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. These are the Company''s first Ind AS financial Statements. The date of transition to Ind AS is April 1, 2016.

The company has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards. .

Refer Note 2.4 for the details of first time adoption exemptions availed by the Company.

1.2 Basis of Accounting

The Company'' maintains its accounts on accrual basis following the historical cost convention except certain financial instruments that are measured at fair values in accordance with Ind AS.

Fair value measurements are categorized into Level 1, 2 or 3 hased on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level l inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that entity can access at measurement date „

Level 11 inputs-are inputs, other than quoted prices Induded in Level 1, that are-observable for the asset or liability, either directly or indirectly; and

Level III inputs are unobservable inputs for the asset or liability

1.3 Presentation of financial statements .

The financial statements (except Statement of Cash-flow) are prepared and presented in the format prescribed in Division 11 - IND AS Schedule til (“Schedule 111”) to the Companies Act, 2013.

The Statement of Cash Flow has been prepared and presented as per the requirements of tnd AS 7 “Statement of Cash flows”.

Disclosure requirements with respect to items in the financial statements, as prescribed in Schedule Hi to the Act, are presented by way of notes forming part of accounts along with the other notes required to be disclosed u nder the notified Accounting Standards. -

Amounts in the financial statements are presented in Indian Rupees in line with the requirements of Schedule III. Per share data are presented in Indian Rupees.

b], Property, Plant and Equipment (PPEJ

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depredation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.

Depreciation on all Property, Plant and Equipment is provided based on useful life prescribed in Schedule IE of the Companies Act, 2013 under Straight Line Method, PPE not ready for the Intended use on the date of the Balance Sheet is disclosed as “capital work-in-progress”.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each” financial year end and adjusted prospectivety, if appropriate.

Gains.or losses arising from derecognition of a property, plant and.equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

Type of Asset with Useful Life

c). Leases

Leases where the lessor effectively retains substantially ail the risks and benefits of ownership over the lease term are classified as operating l^ase. lease-payments for assets taken on operating tease are recognised as an expense in the Profit and loss Account on a straight-line basis over the lease term. * - ''

d}. Intangible Assets and Amortisation

Intangible Assets are stated at cost of acquisition less accumulated amortisation /depletion and impairment loss, if any. ~

Such cost Includes purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. ‘

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised. _

Intangible assets of the company comprises of Software which is amortized over a period of 5 years.

e). Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that Is required to complete and prepare the asset for its Intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for ttiei r intended use or sale.

f). Inventories

Items of inventories are measured at lower of cost or net realisable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase and other overheads net of recoverable taxes incurred in bringing them to their respective present location and condition. The valuation of inventories is done on FIFO (first-in-first-out) Method.

g}. Impairment of Non Financial Assets ,

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may hot be recoverable. An impairment loss is recognised for the amount by which the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use.

h). Provisions & Contingencies

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated as at the balance sheet date.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources, information on contingent liabilities Is disclosed in the notes to financial statements unless the possibility of an outflow of resources embodying economic benefit is remote.

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable.

1). Employee Benefit Expenses .

(I). Shortterm Employee Benefits

Ail Employee Benefits payable wholly within twelve month of rendering the service are classified as Short Term Employee Benefits and they are recognised in the period in which the employee renders the related service.

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

(II). Post Employment Benefits ~

Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company makes specified monthly payments to Employee State Insurance Scheme, Provident Fund Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company''s contribution is recognised as an expense in the - Statement of Profit and Loss during the period in which the employee renders the related service. . -

Defined Benefit Plans

Gratuity liability Is a defined benefit obligation which is provided for on the basis of an actuarial valuation on Projected Unit cost method made at the end of each financial year. Actuarial gains/(iosses) are recognised directly in other comprehensive income. This benefit is presented according to present value after deducting the fair value of the plan assets, The Company determines the net interest on the net defined benefit liability (asset) in respect of a defined benefit by multiplying the net liability (asset) in respect of a defined benefit by the discount rate used to measure the defined benefit obligation as they were determined at the beginning of the annual reporting period.

Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive . Income.

Accumulated leave is treated as short-term employee benefit. The Company measures the expected cost of such absences as the-additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

Other Long Term Employee Benefits -

‘ The employees of the company ar-e entitled to compensated absences which are both accumulating and non. accumulating in nature.-The expected cast of accumulating compensated absences is determined by’actuarisl . '' valuation using projected unit credit method.

j). Tax Expenses

The tax expense for the period comprises Current and Deferred Tax. Tax Is recognised in Statement of Profit and Loss, except to the extent that it relates to Items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.

Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and iaws that are enacted or substantively enacted at the Balance sheet date.

Minimum Alternative tax (MAT) Credit is recognised as an asset only when and to the extent there is convincing evidence that the company will pay Income Tax under the normal provisions during the specified period, resulting in utilisation of MAT Credit. In the Year in which the MAT Credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants’ of India, the said asset is created by way of a credit to the Statement of Profit and Loss and shown as MAT Credit Entitlement. Company reviews the same at each Balance Sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that the Company wiil utilise MAT Credit during the specified period.

Deferred Tax

Deferred tax is recognised oh temporary differences between the carrying amounts of assets and liabilities in the standalone finandal statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on-tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.

k). Foreign Currency

Functional and presentation currency

The financial statements of the Company are presented using Indian Rupee (INR) i.e. currency .of the primary economic environment in which the entity operates (''the functional currency'').

Transactions and balances

Foreign currency transactions are translated into the respective functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currendes at year end exchange rates are recognised In profit or loss. -

I). Revenue Recognition . .

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Escalation and other claims, which are not ascertainable/acknowledged by customers, are not taken into account. Revenue is measured at the farr value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates.

. Criteria for recognition of revenue are as under:

a) Sale of Goods -.

Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied:

(i) significant risks and rewards of ownership of the goods are transferred to the buyer;

(ll)Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

(iii) it is probable that economic benefits associated with transaction will flow to the Company; and {iv}amount of revenue can be measured reliably;

b) In cases where trade contracts provide for crystallization of price or for price adjustment on a subsequent date, corresponding purchase and sales are recognized on the basis of expected settlement price and any differential determined subsequently Is accounted for at the time of final settlement.

c) income from sale of eiectrldty is recognized as per the terms and conditions of the agreement with the Customer.

d) Interest income is recognized on a time proportion basis taking into account amount outstanding and applicable interest rate.

e) Dividend is recognised when the company''s right to receive the payment is established, which is generally when shareholders approve the dividend.

m). Financial Instruments

(t). Financial Instruments initial Recognition

Financial instruments i.e. Financial assets and financial liabilities are recognised when the Company becomes a party “ to the contractual provisions of the instruments. Financial instruments are initially measured at fair value.

. Transaction costs that are directly attributable to the acquisition or issue of financial instruments (other than financial instruments at fair value through profit or loss) are added to or deducted from the fair value of the financial instruments, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial instruments assets or financial liabilities at fair value through profit or loss are recognised in profit or loss.

Subsequent Measurement . .

_ Financial assets

All recognised financial assets are subsequently measured at amortized cost except financial assets carried at fair '' value through Profit and loss (FVTPt) or fair value through other comprehensive income (FVOCI). ‘

a) Equity investments (other than investments in subsidiaries, associates and joint venture)

All equity investments falling within the scope of Ind-AS 109 are mandatorily measured at Fair Value Through Profit and Loss (FVTPl) with all fair value changes recognized in the Statement of Profit and Loss.

The Company has an irrevocable option of designating certain equity instruments as FVOC1. Option of designating instruments as FVOCt is done on an instrument-by-instrument basis. The classification made on initial recognition Is irrevocable.

ff the Company decides to classify an equity instrument as FVOCi, then all fair value changes on the instrument are recognized in Statement of Other Comprehensive Income (5QC1). Amounts from SOCl are not subsequently transferred to profit and loss, even on sale of investment

b) Derecognition .

A financial asset is primarily derecognized when the rights to receive cash flows from the asset have expired, or die Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in futi without material delay to a third party under a pass-through arrangement; and with that

a)the Company has transferred substantially all the risks and rewards of the asset, or b} the Com pany has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

c) Impairment of financial assets

The Company applies the expected credit toss model for recognising allowances for expected credit, loss on financial assets measured at amortised cost.

Financial Liabilities Classification

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the . contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Subsequent Measurement

Loans and borrowings are subsequently measured at Amortised costs using Effective Interest Rate (EIR), except for Financial liabilities at fair value through profit or loss. Amortised cost is calculated by taking into account any discount dr premium on acquisition and fees or costs that are an integral part of the EIR. Amortisation is included as a part of Finance Costs in the Statement of Profit and Loss

Financial liabilities recognised at FVTPL, shall be subsequently measured at fair value.

Derecognition

A financial liability Is derecognised when the obligation under the liability is discharged or cancelled or expires.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a iegaily enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Re-classlficatlon of financial instruments

The Company determines classification of financial assets and liabilities on initial recognition. After Initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Company’s senior management determines change In the business model as a result of external or internal changes which are significant to the Company''s operations. Such changes are evident to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets. It applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Company does not restate any previously recognised gains, losses {including impairment gains or losses) or interest The Company has not reclassified any financial asset during the current year or previous year.

o). Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholder by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit after tax for the period attributable to equity shareholders and the weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

p). Segment Reporting

Based on “Management Approach” as defined in Ind AS 108 -Operating Segments, the Chief Operating Decision Maker evaluates the Company''s performance and allocates the resources based on an analysis of various performance indicators by business segments. The Company concludes that it operates under two reporting segment viz (a) Trading, Distribution and’ Development and (b) Wind power genration. the secondary reporting segment is geographical segment based on location of customer viz domestic and overseas.

Unallocable items includes general corporate income and expense items which are not allocated to any business “ segment.

. Segment Policies

The Company prepares Its segment information in conformity with the accounting policies adopted for preparing and presenting the standalone financial statements of the Company as a whole. Common allocable costs are allocated to each segment on ah appropriate basis. ''

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates and assumptions that impact the reported amount of assets, liabilities, income, expenses and disclosure of contingent liabilities as at the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements. Difference between the actual and estimates are recognised in the period in which they actually materialise or are known. Any revision to accounting estimates is “ recognised prospectiveiy. Management believes that the estimates used in preparation of Financia I Statements are

The Company has adopted ind AS with effect from 1st April 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1st April 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS

The Company has applied the exemption as provided in Ind AS 101 on non-application of Ind AS 103, “Business Combinations” to business combinations consummated prior to April 1, 2015 (the “Transition Date”), pursuant to which goodwill/capital reserve arising from a business combination has been stated at the carrying amount prior to the date of transition under Indian GAAP. The Company has also applied the exemption for past business

combinations to acquisitions of investments in subsidiaries / associates / joint ventures consumma ted prior to the

The Company has elected to measure items of property, plant and equipment and intangible assets at its carrying value at the transition date except for certain class of assets which are measured at fair value as deemed cost.

The Company has elected to measure investments in Subsidiaries, Joint Ventures and Associates at Cost

The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and


Mar 31, 2016

1. Corporate Information:

The Company is in the business of International Trade & Distribution of Polymers, Paper & Paper Boards, Rubber, Heavy Distillates, Chemicals, Development of software, Manufacture of Ceramics products etc. The Company is also engaged in generation of wind energy.

2. Statement of Significant Accounting Policies

(A) Basis of Preparation of Financial Statements:

The Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles (''GAAP'') in India and presented under the historical cost conventions on accrual basis of accounting to comply with the accounting standards as notified by the Companies (Accounting Standards) Rules, 2006 (as amended) and with the relevant provisions of the Companies Act,1956 (''The Act'').

(B) Use of Estimates:

The preparation of Financial Statements in conformity with the Generally Accepted Accounting Principles (''GAAP'') in India requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and the disclosures of Contingent Liabilities on the date of Financial Statements and reported amounts of Income and Expenses during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(C) Fixed Assets and Capital work-in-Progress:

Tangible Fixed Assets are carried at the cost of acquisition or construction, less accumulated depreciation. The cost of Fixed Assets includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other directly attributable costs related to the acquisition or construction of the respective assets. Profit or loss on disposal of tangible assets is recognized in the Statement of Profit and Loss. Intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost less accumulated amortization and impairment. Capital work-in-progress comprises the cost of fixed assets that are not yet ready for their intended use at the reporting date.

(D) Depreciation and Amortization:

Depreciation is being provided on all tangible assets on "Straight Line Method" as per the rates and in the manner prescribed under Part C of Schedule II of the Companies Act, 2013. Depreciation for assets purchased / sold during a period is proportionately charged. Intangible assets are amortize over the respective individual estimated useful lives on a straight line basis, commencing from the date the assets is available to the company for its use.

(E) Impairment of Assets:

At Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount.

An assessment is also done at each Balance Sheet date whether there is any indication that an impairment loss recognized for an asset in prior accounting periods may no longer exist or may have decreased. If any such indication exists the asset''s recoverable amount is estimated. The carrying amount of the fixed asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss is recognized in the Statement of Profit and Loss for the year.

After recognition of impairment loss or reversal of impairment loss as applicable, the depreciation charge for the fixed asset is adjusted in future periods to allocate the asset''s revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

(F) Foreign Currency Transactions:

(i) Initial Recognition:

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss.

(ii) Measurement of foreign currency items at the Balance Sheet date:

Foreign currency monetary items, other than net investments including Long Term Advances in the nature of Investments in non-integral foreign operations, of the Company are restated at the Closing exchange rates. Non- monetary items are recorded at the exchange rate prevailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss.

(G) Investments:

Investments are classified into Current and Long-Term Investments. Investments that are readily realizable and intended to be held for not more than a year from the date of acquisition are classified as Current Investments. All other Investments are classified as Non-Current Investments / Long Term Investments.

Current investments are stated at the lower of cost and fair value determined on an individual Investment basis.

Long-term investments are stated at cost. A provision for diminution in the value of Long-Term Investments is made only if such a decline is other than temporary in the opinion of the management.

On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is recognized in the Statement of Profit and Loss.

(H) Lease Accounting:

i) Operating lease:-

Lease rentals on assets taken on operating lease are recognized as expense in the Statement of Profit and Loss on an accrual basis over the lease term.

ii) Finance lease:-

In respect of assets obtained on finance leases, assets are recognized at lower of the fair value at the date of acquisition and present value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance sheet as a finance leases obligation. The excess of lease payments over the recorded lease obligation are treated as ''finance charges'' which are allocated to each lease term so as to produce a constant rate of charge on the remaining balance of the obligations.

(I) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, i) Sale of Goods:

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer. The amounts recognized as sale is exclusive of sales tax / VAT and are net of returns. Exports sales are accounted on the basis of date of bill of lading.

ii) Revenue from Energy Generation:

Sale of power is recognized at the point of Transmission of electricity generated from windmill.

iii) Interest:

Interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable.

iv) Dividend:

Dividend income from investment is recognized when the right to receive the payment is established.

(J) Inventories:

Inventories (including in transit) of traded goods are valued at Lower of cost or Net realisable value. The valuation of inventories is done on First in First Out method. The valuations of wastage / packing materials are valued at Nil.

(K) Benefits to Employees:

(i) Short Term Employee Benefits:-

Ali employee benefits payable wholly within twelve month of rendering the service are classified as short term employee benefits and they are recognized in the period in which the employee renders the related service. The Company recognizes the undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expenses) after deducting any amount already paid.

(ii) Post-employment benefits:-

(a) Defined contribution plans

Defined contribution plans are Employee State Insurance Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company''s contribution to defined contribution plans are recognized in the Statement of Profit and Loss in the financial year to which they relate.

(b) Defined benefit plans

(i) Provident Fund Scheme

The Company makes specified monthly contributions towards Employee Provident Fund Scheme to a separate trust administered by EFPO. The Company has no further obligation under the Provident Fund Plan beyond its monthly contribution.

(ii) Gratuity Scheme:

The Company operates a defined benefit gratuity plan for employees. The Company contributes to a separate entity (a fund managed by LIC), towards meeting the Gratuity obligation. The Company determines the liability for gratuity funding as per actuarial valuation by the independent actuary of LIC.

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at each Balance Sheet date. Past service cost is recognized immediately to the extent that the benefits are already vested, else is amortized on a straight-line basis over the average period until the amended benefits become vested.

The defined benefit obligations recognized in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognized actuarial gains and losses and unrecognized past service costs and as reduced by the fair value of plan assets, if applicable.

Any defined benefit asset (negative defined benefit obligations resulting from this calculation) is recognized representing the unrecognized past service cost plus the present value of available refunds and reductions in future contributions to the plan.

The company presents the above liabilities as current and non-current in the balance sheet as per actuarial valuation by the independent actuary of LIC of India; however, the entire liability towards gratuity is considered as current as the company will contribute this amount to the gratuity fund within the next 12 months.

(iii) Leave Salary:

The employees of the Company are entitled to compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation using projected unit credit method.

(L) Borrowing Cost:

Borrowing cost includes interest, amortization of ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, if any, directly attributable to the acquisition, construction or production of qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized. All other borrowing costs are expensed in the period they occur.

(M) Provision for Current and Deferred Tax:

Tax expense for the year comprises of Current tax and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, after taking into consideration, the applicable deductions and exemptions admissible under the provisions of the Income Tax Act, 1961.

Deferred tax expense or benefit is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty that sufficient future taxable income will be available to realize such assets. In other situations, deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realize these assets.

Advance taxes and provisions for current income taxes are presented in the balance sheet after offsetting advance taxes paid and income tax provisions arising in the same tax jurisdiction and where the Company intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

(N) Earnings Per Share:

The basic and diluted Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

(O) Proposed Dividend:

Dividend recommended by the Board of Directors is provided for in the accounts, pending approval at the Annual General Meeting.

(P) Preliminary Expenses:

Preliminary Expenses are written off in accordance with AS-26 as prescribed by Institute of Chartered Accountants of India.

(Q) Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes to accounts when there is a present obligation or present obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made. Contingent assets are not recognized.

(R) Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard 3 on "Cash Flow Statement" and presents the cash flows by Operating, Investing and Financing activities of the Company.

(S) Cash and Cash Equivalents:

Cash and cash equivalents include cash & cheque in hand, bank balances, demand deposits with banks and other short-term highly liquid investments where the original maturity is three months or less.


Mar 31, 2015

1. Corporate Information:

The Company is in the business of International Trade & Distribution of Chemicals, Polymers, Paper & Paper Boards, Rubber, Heavy Distillates etc.,. The Company is also engaged in generation of wind energy.

2. Statement of Significant Accounting Policies

(A) Basis of Preparation of Financial Statements:

The Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles ('GAAP'} in India and presented under the historical cost conventions on accrual basis of accounting to comply with the accounting standards as notified by the Companies (Accounting Standards} Rules, 2006 (as amended) and with the relevant provisions of the Companies Act,1956 ('The Act').

(B) Change in accounting policy;

The Company has with retrospective effect changed its rate of providing depreciation on fixed assets during the year from the rates specified under 'Straight Line Method' under the companies act 1956 to the rates prescribed in part C of Schedule II to the Companies Act, 2013.

(C) Use of Estimates:

The preparation of Financial Statements in conformity with the Generally Accepted Accounting Principles ('GAAP') in India requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and the disclosures of Contingent Liabilities on the date of Financial Statements and reported amounts of Income and Expenses during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates, Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(D) Fixed Assets and Capita! work-in-Progress:

Tangible Fixed Assets are carried at the cost of acquisition or construction, less accumulated depreciation. The cost of Fixed Assets includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other directly attributable costs related to the acquisition or construction of the respective assets. Profit or loss on disposal of tangible assets is recognized in the Statement of Profit and Loss, intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost less accumulated amortization and impairment. Capital work-in- progress comprises the cost of fixed assets that are not yet ready for their intended use at the reporting date.

(E) Depreciation and Amortization:

Depreciation is being provided on all tangible assets on "Straight Line Method" as per the rates and in the manner prescribed under Part C of Schedule ii of the Companies Act, 2013. Depreciation for assets purchased / sold during a period is proportionately charged. Intangible assets are amortize over the respective individual estimated useful lives on a straight line basis, commencing from the date the assets is available to the company for its use.

(F) impairment of Assets:

At balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the Company's assets, if any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount.

An assessment is also done at each Balance Sheet date whether there is any indication that an impairment loss recognized for an asset in prior accounting periods may no longer exist or may have decreased, if any such indication exists the asset's recoverable amount is estimated. The carrying amount of the fixed asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss is recognized in the Statement of Profit and Loss for the year.

After recognition of impairment loss or reversal of impairment loss as applicable, the depreciation charge for the fixed asset is adjusted in future periods to allocate the asset's revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

(G) Foreign currency transactions: (i) Initial Recognition:

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and toss. (ii) Measurement of foreign currency items at the Balance Sheet date:

Foreign currency monetary items, other than net investments including Long Term Advances in the nature of Investments in non-integral foreign operations, of the Company are restated at the Closing exchange rates. Non- monetary items are recorded at the exchange rate prevailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss.

(H) investments:

Investments are classified into Current and Long-Term Investments. Investments that are readily realizable and intended to be held for not more than a year from the date of acquisition are classified as Current Investments. All other investments are classified as Non-Current Investments / Long Term Investments

Current investments are stated at the lower of cost and fair value determined on an individual Investment basis Long-term investments are stated at cost A provision for diminution in the value of Long-Term Investments is made only if such a decline is other than temporary in the opinion of the management.

On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is recognized in the Statement of Profit and Loss.

(I) Lease Accounting:

s) Operating lease- Lease rentals on assets taken on operating lease are recognized as expense in the Statement of Profit and Loss on an accrual basis over the lease term,

ii) Finance lease:-

In respect of assets obtained on finance leases, assets are recognized at lower of the fair value at the date of acquisition and present value of the minimum lease payments. The corresponding liability to the less or is included in the Balance sheet as a finance leases obligation. The excess of lease payments over the recorded tease obligation are treated as 'finance charges' which are allocated to each lease term so as to produce a constant rate of charge on the remaining balance of the obligations

(J) Revenue Recognition;

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured,

i) Sale of Goods:

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer. The amounts recognized as sale is exclusive of sales tax / VAT and are net of returns. Exports sales are accounted on the basis of date of hill of aiding

ii) Revenue from Energy Generation:

Sale of power is recognized at the point of Transmission of electricity generated from windmill

iii) Interest:

Interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable.

iv) Dividend;

Dividend income from investment is recognized when the right to receive the payment is established,

(K) Inventories;

Inventories (including in transit) of traded goods are valued at Lower of cost or Net realizable value. The valuation of inventories is done on First in First Out method. The valuations of wastage / packing materials are valued at Nil.

{1} Benefits to Employees;

(i) Short Term Employee Benefits; -

At employee benefits payable wholly within twelve month of rendering the service are classified as short term employee benefits and they are recognized in the period in which the employee renders the related service, The Company recognizes the undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expenses) after deducting any amount already paid,

(ii( Post-employment benefits; -

(a) Defined contribution plans

Defined contribution plans are Employee State insurance Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company's contribution to defined contribution plans are recognized in the Statement of Profit and Loss in the financial year to which they relate.

(b) Defined benefit plans

(i) Provident Fund Scheme

The Company makes specified monthly contributions towards Employee Provident Fund Scheme to a separate trust administered by F.FPO, The Company has no further obligation under the Provident Fund Plan beyond its monthly contribution, (ii) Gratuity Scheme;

The Company operates a defined benefit gratuity plan for employees, The Company contributes to a separate entity {a fund managed by UC), towards meeting the Gratuity obligation. The Company determines the liability for gratuity funding as per actuarial valuation by the independent actuary of UC,

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at each Balance Sheet date. Past service cost is recognized immediately to the extent that the benefits are already vested, else is amortized on a straight-line basis over the average period until the amended benefits become vested,

The defined benefit obligations recognized in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognized actuarial gains and losses and unrecognized past service costs and as reduced by the fair value of plan assets, if applicable. Any defined benefit asset (negative defined benefit obligations resulting from this calculation) is recognized representing the unrecognized past service cost plus the present value of available refunds and reductions in future contributions to the plan.

The company presents the above liabilities as current and non-current in the balance sheet as per actuarial valuation by the independent actuary of L1C of India; however, the entire liability towards gratuity is considered as current as the company will contribute this amount to the gratuity fund within the next 12 months. (iii) Leave salary:

The employees of the Company are entitled to compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation using projected unit credit method, (tvl) Borrowing Cost:

Borrowing cost includes interest, amortization of ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, if any, directly attributable to the acquisition, construction or production of qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized. All other borrowing costs are expensed in the period they occur (N) Provision for Current and Deferred Tax:

Tax expense for the year comprises of Current tax and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, after taking into consideration, the applicable deductions and exemptions admissible under the provisions of the Income Tax Act, 1961.

Deferred tax expense or benefit is recognized on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty that sufficient future taxable income will be available to realize such assets. In other situations, deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realize these assets.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off- setting advance taxes paid and income tax provisions arising in the same tax jurisdiction and where the Company intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws. (O) Earnings Per Share;

The basic and diluted Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

(P) Proposed Dividend:

Dividend recommended by the Board of Directors is provided for in the accounts, pending approval at the Annual General Meeting.

(Q} Preliminary Expenses:

Preliminary Expenses are written off in accordance with AS-26 as prescribed by Institute of Chartered Accountants of India,

(R) Provisions, Contingent Liabilities and Contingent assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes to accounts when there is a present obligation or present obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made. Contingent assets are not recognized.

(S) Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard 3 on "Cash Flow Statement" and presents the cash flows by Operating, Investing and Financing activities of the Company.

(T) Cash and Cash Equivalents:

Cash and cash equivalents include cash & cherub in hand, bank balances, demand deposits with banks and other short-term highly liquid investments where the original maturity is three months or less,


Mar 31, 2014

(A) Basis of Preparation of Financial Statements:

The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (''GAAP'') in India and presented under the historical cost conventions on accrual basis of accounting to comply with the accounting standards as notified by the Companies (Accounting Standards) Rules, 2006 (as amended) and with the relevant provisions of the Companies Act,1956 (''The Act'').

(B) Use of Estimates:

The. preparation of financial statements in conformity with the Generally Accepted Accounting Principles (''GAAP'') in India requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and the disclosures of Contingent Liabilities on the date of financial statements and reported amounts of Income and Expenses during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(C) Tangible Fixed Assets

Tangible fixed assets are carried at the cost of acquisition or construction, less accumulated depreciation. The cost of fixed assets includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other directly attributable costs related to the acquisition or construction of the respective assets. Profit or loss on disposal of tangible assets is recognized in the Statement of Profit and Loss.

(D) Depreciation and Amortization:

Depreciation on all fixed assets is provided under Straight Line Method. The rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956 are considered as the minimum rates. If the management''s estimate of the useful life of a fixed asset at the time of acquisition of the asset or of the remaining useful life on the subsequent review is shorter than that envisaged in the aforesaid schedule, depreciation is provided at a higher rate based on the management''s estimate of the useful life / remaining useful life.

(E) Impairment of Assets:

At balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount.

An assessment is also done at each Balance Sheet date whether there is any indication that an impairment loss recognized for an asset in prior accounting periods may no longer exist or may have decreased. If any such indication exists the asset''s recoverable amount is estimated. The carrying amount of the fixed asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss is recognized in the Statement of Profit and Loss for the year.

After recognition of impairment loss or reversal of impairment loss as applicable, the depreciation charge for the fixed asset is adjusted in future periods to allocate the asset''s revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

(F) Foreign currency transactions:

(i) Initial Recognition:

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss.

(ii) Measurement of foreign currency items at the Balance Sheet date:

Foreign currency monetary items, other than net investments including Long Term Advances in the nature of Investments in non-integral foreign operations, of the Company are restated at the Closing exchange rates. Non- monetary items are recorded at the exchange rate prevailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss.

(G) Investments:

Investments are classified into Current and Long-Term Investments. Investments that are readily realizable and intended to be held for not more than a year from the date of acquisition are classified as

Current Investments. All other Investments are classified as Non-Current Investments / Long Term Investments.

Current investments are stated at the lower of cost and fair value determined on an individual Investment basis.

Long-term investments are stated at cost. A provision for diminution in the value of Long-Term Investments is made only if such a decline is other than temporary in the opinion of the management.

On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is recognized in the Statement of Profit and Loss.

(H) Lease Accounting:

i) Operating lease:-

Lease rentals on assets taken on operating lease are recognized as expense in the Statement of Profit and Loss on an accrual basis over the lease term.

ii) Finance lease:-

In respect of assets obtained on finance leases, assets are recognized at lower of the fair value at the date of acquisition and present value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance sheet as a finance leases obligation. The excess of lease payments over the recorded lease obligation are treated as ''finance charges'' which are allocated to each lease term so as to produce a constant rate of charge on the remaining balance of the obligations.

(I) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, i) Sale of Goods:

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer. The amounts recognized as sale is exclusive of sales tax / VAT and are net of returns. Exports sales are accounted on the basis of date of bill of lading.

ii) Revenue from Energy Generation:

Sale of power is recognised at the point of Transmission of electricity generated from windmill.

iii) Interest:

Interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable.

iv) Dividend:

Dividend income from investment is recognized when the right to receive the payment is established.

(J) Inventories:

Inventories (including in transit) of traded goods are valued at Lower of cost or Net realisable value. The valuation of inventories is done on First in First Out method. The valuations of wastage / packing materials are valued at Nil.

(K) Employees Benefits:

(i) Short Term Employee Benefits:-

All employee benefits payable wholly within twelve month of rendering the service are classified as short term employee benefits and they are recognized in the period in which the employee renders the related service. The Company recognizes the undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expenses) after deducting any amount already paid.

(ii) Post-employment benefits:-

(a) Defined contribution plans

Defined contribution plans are Employee State Insurance Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company''s contribution to defined contribution plans are recognized in the Statement of Profit and Loss in the financial year to which they relate.

(b) Defined benefit plans

(i) Provident Fund Scheme

The Company makes specified monthly contributions towards Employee Provident Fund Scheme to a separate trust administered by EFPO. The Company has no further obligation under the Provident Fund Plan beyond its monthly contribution.

(ii) Gratuity Scheme:

The Company operates a defined benefit gratuity plan for employees. The Company contributes to a separate entity (a fund managed by LIC), towards meeting the Gratuity obligation. The Company determines the liability for gratuity funding as per actuarial valuation by the independent actuary of LIC.

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at each Balance Sheet date. Past service cost is recognized immediately to the extent that the benefits are already vested, else is amortized on a straight-line basis over the average period until the amended benefits become vested.

The defined benefit obligations recognized in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognized actuarial gains and losses and unrecognized past service costs and as reduced by the fair value of plan assets, if applicable. Any defined benefit asset (negative defined benefit obligations resulting from this calculation) is recognized representing the unrecognized past service cost plus the present value of available refunds and reductions in future contributions to the plan.

The company presents the above liabilities as current and non-current in the balance sheet as per actuarial valuation by the independent actuary of LIC of India; however, the entire liability towards gratuity is considered as current as the company will contribute this amount to the gratuity fund within the next 12 months.

(L) Borrowing Cost:

Borrowing cost includes interest, amortization of ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, if any, directly attributable to the acquisition, construction or production of qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized. All other borrowing costs are expensed in the period they occur.

(M) Provision for Current and Deferred Tax:

Tax expense for the year comprises of Current tax and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, after taking into consideration, the applicable deductions and exemptions admissible under the provisions of the Income Tax Act, 1961.

Deferred tax expense or benefit is recognised on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognised only to the extent that there is virtual certainty that sufficient future taxable income wili be available to realise such assets, in other situations, deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realise these assets.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off- setting advance taxes paid and income tax provisions arising in the same tax jurisdiction and where the Company intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

(N) Earnings Per Share:

The basic and diluted Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

(O) Proposed Dividend:

Dividend recommended by the Board of Directors is provided for in the accounts, pending approval at the Annual General Meeting.

(P) Preliminary Expenses:

Preliminary Expenses are written off in accordance with AS-26 as prescribed by institute of Chartered Accountants of India.

(Q) Provisions, Contingent Liabilities and Contingent assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes to accounts when there is a present obligation or present obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made. Contingent assets are not recognised.

(R) Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard 3 on "Cash Flow Statement" and presents the cash flows by Operating, Investing and Financing activities of the Company.

(S) Cash and Cash Equivalents:

Cash and cash equivalents include cash & cheque in hand, bank balances, demand deposits with banks and other short-term highly liquid investments where the original maturity is three months or less.


Mar 31, 2013

(A) Basis of Preparation of Financial Statements:

The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (''GAAP'') in India and presented under the historical cost conventions on accrual basis of accounting to comply with the accounting standards as notified by the Companies (Accounting Standards) Rules, 2006 (as amended) and with the relevant provisions of the Companies Act,1956 (The Act'').

(B) Use of Estimates:

The preparation of financial statements in conformity with the Generally Accepted Accounting Principles (''GAAP'') in India requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and the disclosures of Contingent Liabilities on the date of financial statements and reported amounts of Income and Expenses during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(C) Tangible Fixed Assets

Tangible fixed assets are carried at the cost of acquisition or construction, less accumulated depreciation. The cost of fixed assets includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other directly attributable costs related to the acquisition or construction of the respective assets. Profit or loss on disposal of tangible assets is recognized in the Statement of Profit and Loss.

(D) Depreciation and Amortization:

Depreciation on all fixed assets is provided under Straight Line Method. The rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956 are considered as the minimum rates. If the management''s estimate of the useful life of a fixed asset at the time of acquisition of the asset or of the remaining useful life on the subsequent review is shorter than that envisaged in the aforesaid schedule, depreciation is provided at a higher rate based on the management''s estimate of the useful life / remaining useful life.

(E) Impairment of Assets:

At balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the Company''s assets. If any such indication exists, the asset''s recoverable amount is estimated, An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount.

An assessment is also done at each Balance Sheet date whether there Is any indication that an impairment loss recognized for an asset in prior accounting periods may no longer exist or may have decreased. If any such indication exists the asset''s recoverable amount is estimated. The carrying amount of the fixed asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss is recognized in the Statement of Profit and Loss for the year. ''

After recognition of impairment loss or reversal of impairment loss as applicable, the depreciation charge for the fixed asset is adjusted in future periods to allocate the asset''s revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

(F) Foreign currency transactions:

(i) Initial Recognition:

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss.

(ii) Measurement of foreign currency items at the Balance Sheet date:

Foreign currency monetary items, other than net investments including Long Term Advances in the nature of Investments in non-integral foreign operations, of the Company are restated at the Closing exchange rates. Non- monetary items are recorded at the exchange rate prevailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss. , . ,

(G) Investments:

Investments are classified into Current and Long-Term Investments. Investments that are readily realizable and intended to be held for not more than a year from the date of acquisition are classified as

Current Investments. All other Investments are classified as Non-Current Investments / Long Term Investments.

Current investments are stated at the lower of cost and fair value determined on an individual Investment basis.

Long-term investments are stated at cost. A provision for diminution in the value of Long-Term Investments is made only if such a decline is other than temporary in the opinion of the management.

On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is recognized in the Statement of Profit and Loss.

(H) Lease Accounting:

i) Operating lease:-

Lease rentals on assets taken on operating lease are recognized as expense in the Statement of Profit and Loss on an accrual basis over the lease term. -

ii) Finance lease:-

In respect of assets obtained on finance leases, assets are recognized at lower of the fair value at the date of acquisition and present value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance sheet as a finance leases obligation. The excess of lease payments over the recorded lease obligation are treated as ''finance charges'' which are allocated to each lease term so as to produce a constant rate of charge on the remaining balance of the obligations.

(I) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, i) Sale of Goods:

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer. The amounts recognized as sale is exclusive of sales tax / VAT and are net of returns. Exports sales are accounted on the basis of date of bill of lading.

ii) Revenue from Energy Generation:

Sale of power is recognized at the point of Transmission of electricity generated from windmill.

iii) Interest:

Interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable.

iv) Dividend:

, Dividend income from investment is recognized when the right to receive the payment is

established.

(J) Inventories:

Inventories (including in transit) of traded goods are valued at Lower of cost or Net realizable value. The valuation of inventories is done on First in First Out method. The valuations of wastage / packing materials are valued at nil.

(K) Employees Benefits: (i) Short Term Employee Benefits:-

All employee benefits payable wholly within twelve month of rendering the service are classified as short term employee benefits and they are recognized in the period in which the employee renders the related service. The Company recognizes the undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expenses) after deducting any amount already paid.

(ii) Post-employment benefits:-

(a) Defined contribution plans

Defined contribution plans are Employee State Insurance Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company''s contribution to defined contribution plans are recognized in the Statement of Profit and Loss in the financial year to which they relate.

(b) Defined benefit plans

(i) Provident Fund Scheme

The Company makes specified monthly contributions towards Employee Provident Fund Scheme to a separate trust administered by EFPO. The Company has no further obligation under the Provident Fund Plan beyond its monthly contribution.

(ii) Gratuity Scheme:

The Company operates a defined benefit gratuity plan for employees. The Company contributes to a separate entity (a fund managed by LIC), towards meeting the Gratuity obligation. The Company determines the liability for gratuity funding as per actuarial valuation by the independent actuary of LIC.

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at each Balance Sheet date. Past service cost is recognized immediately to the extent that the benefits are already vested, else is amortized on a straight-line basis over the average period until the amended benefits become vested.

The defined benefit obligations recognized in the Balance Sheet represent the present value of the - defined benefit obligations as adjusted for unrecognized actuarial gains and losses and unrecognized past service costs and as reduced by the fair value of plan assets, if applicable. Any defined benefit asset (negative defined benefit obligations resulting from this calculation) is recognized representing the unrecognized past service cost plus the present value of available refunds and reductions in future contributions to the plan.

The company presents the above liabilities as current and non-current in the balance sheet as per actuarial valuation by the independent actuary of LIC of India; however, the entire liability towards gratuity is considered as current as the company will contribute this amount to the gratuity fund within the next 12 months.

(L) Borrowing Cost:

Borrowing cost includes interest, amortization of ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, if any, directly attributable to the acquisition, construction or production of qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized. All other borrowing costs are expensed in the period they occur.

(M) Provision for Current and Deferred Tax:

Tax expense for the year comprises of Current tax and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, after taking into consideration, the applicable deductions and exemptions admissible under the provisions of the Income Tax Act, 1961.

Deferred tax expense or benefit is recognized on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty that sufficient future taxable income will be available to realize such assets. In other situations, deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realize these assets.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off- setting advance taxes paid and income tax provisions arising in the same tax jurisdiction'' and where the Company intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

(N) Earnings Per Share:

The basic and diluted Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

(O) Proposed Dividend:

Dividend recommended by the Board of Directors is provided for in the accounts, pending approval at the Annual General Meeting.

(P) Preliminary Expenses:

Preliminary Expenses are written off in accordance with AS-26 as prescribed by Institute of Chartered Accountants of India.

(Q) Provisions, Contingent Liabilities and Contingent assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes to accounts when there is a present obligation or present obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made. Contingent assets are not recognized.

(R) Cash Flow Statement: ,

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard 3 on "Cash Flow Statement" and presents the cash flows by Operating, Investing and Financing activities of the Company.

(S) Cash and Cash Equivalents:

Cash and cash equivalents include cash & cheques in hand, bank balances, demand deposits with banks and other short-term highly liquid investments where the original maturity is three months or less.


Mar 31, 2012

(a) Basis of Preparation of Financial Statements:

The financial statements are prepared and presented under the historical cost conventions, on accrual basis of accounting to comply in all material respects, with all the applicable accounting principles in India, the mandatory Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 as amended {'the Rules’) and the relevant provisions of the Companies Act,1956 (‘the Act’). The accounting policies not referred to otherwise are in conformity with Indian Generally Accepted Accounting Principles ('Indian GAAP’)

(b) Use of Estimates: '

The preparation of financial statements in conformity with the ‘Indian GAAP’ requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of incomes and expenses during the reporting period. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(c) Fixed Assets

Fixed Assets are stated at cost, less accumulated depreciation and impairment, if any. Cost includes inward freight, duties, taxes and expenses incidental to acquisition and installation or construction, net of VAT credit, where applicable and all expenditure necessary to bring the asset to its working condition for its intended use.

(d) Depreciation:

Depreciation is being provided on all tangible assets on “Straight Line Method" as per the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

(e) Impairment of Assets:

An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss is charged to profit & loss account in the year in which an asset ;

is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(f) Investment:

Investments that are readily realizable and intended to be held for not more than a year are Investments / long term investments.

Long term investments including investment in subsidiaries are carried at Cost less provision for permanent diminution in value of such investment. Cost includes any incidental costs incurred towards acquisition of said investment.

(g) Employees Benefits:

(i) Provident Fund:

The eligible employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan, in which bo*.h employees and the Company makes monthly contribution at a specified percentage of the covered employee’s salary The Company has no further obligation under the provident fund plan beyond its monthly contribution, 1

(ii) Gratuity:

Gratuity liability rs a defined benefit obligation and is provided for on actuarial valuation made as at the balance sheet date.

(h) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

i) Sale of Goods:

Revenue is recognized when the significant risks and rewards in respect of ownership of

products are transferred by the Company i.e when goods are dispatched / billed to the

customers. Exports sales are accounted on the basis of date of bill of lading. Sales are

recorded net of Returns, Sales tax; Value added tax and applicable trade discounts and allowances.

ii) Revenue from Energy Generation:

iv) Dividend:

Dividend income from investment is recognized when the right to receive the payment is established.

(i) Taxation :

Current income tax expense comprises taxes on income from operations in India. Income tax payable in India is determined in accordance with the provisions of the Income Tax Act 1961. ’

Minimum alternative tax (MAT) paid in accordance to the tax laws, which gives rise to future economic benefits in the fonn of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax after the tax holiday period. Accordingly, MAT is recognised as an asset in the balance sheet when it is probable that the future economic benefit associated with it will flow to the Company and the asset can be measured reliably.

Deferred tax expense or benefit is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognised oniy to the extent that there is virtual certainty that sufficient future taxable income will be available to realise such assets. In other situations, deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realise these assets.

Advance taxes and provisions for current income taxes are presented in the balance sheet after off-setting advance taxes paid and income tax provisions arising in the same tax jurisdiction and where the Company intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

(j) Foreign currency transactions:

(i) Initial Recognition:

Transactions in foreign currency are recorded at the original rate of exchange in force at the time, transactions are affected.

(ii) Conversion:

Foreign currency monetary assets and liabilities other than net investments in non- integral foreign operations are translated at the exchange rate prevailing on the balance sheet date.

(IN). Exchange Difference:

(m) Preliminary Expenses:

Preliminary Expenses are written off ir accordance with aq or

pInstitute of Chartered Accountants of India., aS per Prescnbed by

(n) Provisions, Contingent Liabilities and Contingent assets:

will be an outflow of resources Consent M"? 3"d '* 15 probab,e that there in the notes to accounts when (Se e is a E22? S "? reco9nised but are disclosed probably will not require an outflow of resources or SrT °F ob,i9ation that

obligation cannot be made . Contingent asset* n«»h a re,lab,e estimate of the financial statements. neither recognised nor disclosed in the

(o) Cash Flow Statement:

Cash flow and Financing activities of the Company Cash anrt by Operating, Investing Statement comprises cash at bank and on hand 2 in the Cash Flow onginal maturity of three months or less short-term investments with an


Mar 31, 2011

(a) Basis of Preparation of Financial Statements:

The financial statements are prepared and presented under the historical cost conventions on accrual basis of accounting to comply in all material respects, with the mandatory Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 as amended ('the Rules') and the relevant provisions of the Companies Act, 1956 {'the Act'). The accounting policies have been consistently applied by the Company and the accounting policies not referred to otherwise are in conformity with Indian Generally Accepted Accounting Principles ('Indian GAAP')

(b) Use of Estimates:

The preparation of financial statements in conformity with the 'Indian GAAP' requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and the reported amounts of incomes and expenses during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(c) Fixed Assets

Fixed Assets are stated at cost, less accumulated depreciation and impairment, if any. Cost includes all expenditure necessary to bring the asset to its working condition for its intended use.

(d) Depreciation:

Depreciation is being provided on all tangible assets on "Straight Line Method" as per the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

(e) Impairment of Assets:

An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss is charged to profit & loss account in the year in which an asset identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount

(f) Foreign Currency Transactions:

(i) Initial Recognition:

Transactions in foreign currency are recorded at the original rate of exchange in force at the time, transactions are affected.

(ii Conversion:

Foreign currency monetary items are reported using the closing rates as on the date of transaction,

(iii) Exchange Difference:

Exchange difference arising on the settlement of transactions of monetary items or on reporting such monetary items at rates different from those at which they were initially recorded during the year or reported in previous financial statements, are recognized as income or expense in the year in which they arise.

(g) Investment:

Investments that are readily realizable and intended to be held for not more than a year are classified as Current Investments. All other investments are classified as lona term investments.

Current investments are carried at lower of cost and fair value determined on an individual investment basis.

Long term investments including investment in subsidiaries are carried at Cost Cost includes any incidental costs incurred towards acquisition of said investment However provision if necessary for diminution in value is made to recognize a decline other than the one temporary in nature.

(h) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

i) Sale of Goods:

Revenue is recognized when the significant risks and rewards in respect of ownership of products are transferred by the Company i.e when goods are dispatched / billed to the customers. Exports sales are accounted on the basis of date of bill of lading Sales are recorded net of Returns, Safes tax/ Vafue added tax and applicable trade discounts and allowances.

ii) Revenue from Energy Generation:

Sale of power is recognised at the point of Transmission of electricity generated from windmill.

iii) Interest:

interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable.

iv) Dividend:

Dividend income from investment is recognized when the right to receive the payment is established.

(i) Inventories:

Stock (including in transit) of traded goods is valued at FIFO method at cost. The valuations of wastage / packing materials are valued at nil.

(j) Employees Benefits:

(i) Provident Fund:

The eligible employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan, in which both employees and the Company make monthly contribution at a specified percentage of the covered employee's salary.

(ii) Gratuity:

Gratuity liability is a defined benefit obligation and is provided for on actuarial valuation made as at the balance sheet date.

(k) Borrowing Cost :

Borrowing Cost that is attributable to the acquisition, construction or production of qualifying assets is capitalized as part of the cost of such assets till such time as the asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing cost are recognized as an expense in the period in which they are incurred.

(I) Provision for Current and Deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

(m) Preliminary Expenses:

Preliminary Expenses are written off over a period of Ten years.

(n) Provisions, Contingent Liabilities and Contingent assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes to accounts. Contingent assets are neither recognised nor disclosed in the financial statements.

(o) Cash Flow Statement:

The Cash Flow Statement is prepared by the "Indirect Method" set out in Accounting Standard 3 on "Cash Flow Statement" and presents the cash flows by Operating, Investing and Financing activities of the Company.

(p) Cash & Cash equivalents:

Cash and Cash equivalents in the cash flow statement comprise Cash at Bank, Cash on hand and liquid investment as per accounting standard -3 on cash flow statements.


Mar 31, 2010

BASIS OF ACCOUNTING

The Company follows mercantile system of accounting. Financial Statements are prepared as per historical cost convention in accordance with the Generally Accepted Accounting Principles (GAPP) in India including mandatory accounting standards and statements issued by the Institute of Chartered Accountants of India/ Notified by the Government of India, as appropriate and relevant provisions of the Companies Act, 1956.

USE OF ESTIMATES

The preparation of financial statements are in conformity with generally accepted accounting principles, All standards require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses including provision of taxes during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known to materialize. Management believes that the estimates used on the preparation of the financial statements are prudent and reasonable. Further results may vary from these estimates.

FIXED ASSETS

The Fixed Assets are stated at Cost of acquisition or construction including taxes (net of refundable) installation and commissioning cost and pre-operative expenses incurred on the project are capitalized.

DEPRECIATION

Depreciation on fixed assets is provided pro rata for the period of use on straight line basis over the estimated useful life or in accordance with the rate and rules prescribed under Schedule XIV to the Companies Act, 1956.

INVESTMENTS

The Company has invested in Shares during the year and the value of the investment is stated at cost with provision, where necessary for diminution, other than temporary in the value of investments wherever applicable.

INVENTORIES

Stock (including in transit) of traded goods is valued at FIFO method at cost. The valuations of wastage / packing materials are valued at nil.

FOREIGN CURRENCY TRANSACTIONS

Foreign Currency transactions are converted at the exchange rates prevailing on the date of transactions. Expenditure on account of Imports are accounted for at the exchange rates prevailing on the date of transactions and necessary foreign exchange difference on payment is recognized as income or expense. Transactions remaining unsettled at the year end are translated at the year end rate and the difference is charged to Profit & Loss Account. In the case of forward contract the difference between the forward rate and the exchange rate on the date of transactions is recognized in the Profit & Loss Account. Profit or Loss arising on the cancellation or renewal of contract is recognized as income or expense in the year in which, such cancellation or renewal is made.

RETIREMENT BENEFIT SCHEME

The Company is at present not covered by the provisions of the Provident Fund and Miscellaneous Provisions Act, 1952. Gratuity benefits are accounted on Cash Basis. No provision is made for Gratuity since the company has no employees covered under the provisions of the Gratuity Act.

PRELIMINARY EXPENSES

Preliminary Expenses are written off over a period of Ten years.

REVENUE RECOGNITION

Sales are being recognized as and when goods are dispatched / billed to the customers. Exports sales are accounted on the basis of date of bill of lading. Sales Comprises of amount invoiced Excluding Sales TaxWat, recoverable thereon. It further includes revenue generated from the supply of energy from the windmill installed in the state of Maharashtra and Tamil Nadu.

BORROWING COST

Borrowing Cost that is attributable to the acquisition, construction or production of qualifying assets is capitalized as part of the cost of such assets till such time as the asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing cost are recognized as an expense in the period in which they are incurred.

INCOME TAX

The provision for tax for the year comprises current income tax determined to be payable in respect of the taxable income payable in accordance with the Income Tax Act 1961.

DEFERRED TAX

In accordance with Accounting Standard 22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has Deferred tax liability resulting from timing difference between book and taxable profit for the year.

PROVISIONS FOR CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving substantial degree of estimation in measurement are recognized, when there is a present obligation as a result of past events and it is probable that there will be outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes to accounts.Contingent assets are neither recognized nor disclosed in the financial statements.

EARNING PER SHARE

The Company reports basic and diluted Earnings Per Share (EPS) in accordance with Accounting Standard 20 on Earnings per Share. Basic EPS is computed by dividing the net profit for the year by the weighted average number of Equity Shares outstanding during the year. Diluted EPS is computed by dividing the net Profit or Loss for the year by the weighted average number of Equity Shares outstanding during the year as adjusted for the effects of all dilutive potential equity Shares, except where the results are anti dilutive.

CASH & CASH EQUIVALENTS

Cash and Cash equivalents in the cash flow statement comprise Cash at Bank, Cash on hand and liquid investment as per accounting standard -3 on cash flow statements.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X